The Colombian peso strengthened as relatively high interest rates attracted foreign investment and strong commodity exports increased foreign exchange inflows. Favorable global market conditions and investor interest in emerging markets also supported the currency.

JULY 2026 Exchange Rate Update

In contrast, the Russian ruble, Syrian pound, Iranian rial, Venezuelan bolivar, and Bolivian boliviano weakened due to a combination of high inflation, economic uncertainty, sanctions, and declining foreign exchange availability. Weak investor confidence, lower export revenues, and ongoing economic challenges continued to weigh on these currencies..

Why it Matters for Global Mobility

Exchange rate movements can affect assignment costs, cost-of-living allowances (COLA), payroll planning, and employees' purchasing power. Understanding the factors driving currency fluctuations helps organizations anticipate potential impacts on global mobility programs and compensation planning.

Which Currencies Are Appreciating?

Why Is the Colombian Peso Strengthening?

The Colombian peso's recent appreciation was supported by relatively high interest rates, which attracted foreign investment and increased demand for the currency. In addition, strong export revenues, particularly from oil and other commodities, boosted foreign exchange inflows, while favorable global market conditions and investor appetite for emerging-market assets further supported the peso.

Which Currencies Are Depreciating?

Why Is the Russian Ruble Weakening?

The Russian ruble has faced depreciation due to several factors, including fluctuations in oil revenues, persistent inflation, Western sanctions, and increased government spending. Oil and gas exports account for a significant share of Russia's export earnings, so volatile energy prices and sanctions affecting the sector have reduced foreign exchange revenues and weighed on the ruble. At the same time, high inflation has eroded the currency's purchasing power and complicated monetary policy. Increased government spending, particularly on defense, has also contributed to inflationary pressures and placed additional strain on the economy.

Why Is the Syrian Pound Weakening?

Following years of civil war, Syria's economy continues to recover, and the weakness of the Syrian pound reflects the country's damaged infrastructure and fragile economic conditions. Foreign currency inflows remain limited, while international sanctions, weak exports, and low levels of foreign investment continue to constrain economic growth. Additionally, ongoing regional instability has lowered confidence in the economy and put further pressure on the pound. As the economy gradually recovers, the Central Bank has introduced several monetary and exchange rate measures intended to help stabilize the currency, although the long-term effectiveness of these reforms remains uncertain.

Why Is the Iranian Rial Weakening?

The Iranian rial's recent depreciation was driven by high inflation, economic uncertainty, and reduced confidence in the country's outlook, which weakened demand for the currency. International sanctions continued to limit access to foreign exchange and global financial markets, while geopolitical tensions and capital outflows added further pressure. Rising prices and concerns about economic stability also encouraged households and businesses to hold foreign currencies, further contributing to the rial's decline.

Why Is the Venezuelan Bolivar Weakening?

High inflation continues to weaken the Venezuelan bolivar by reducing its purchasing power and encouraging businesses and individuals to use more stable currencies, particularly the U.S. dollar. Another factor contributing to the bolivar's weakness is international sanctions on Venezuela's oil sector. Because oil accounts for a large share of the country's export earnings, sanctions have reduced foreign exchange revenue and added further pressure on both the economy and the value of the bolivar.

Why Is the Bolivian Boliviano Weakening?

The Bolivian boliviano's recent sharp depreciation was driven by a severe shortage of U.S. dollars, declining export revenues, and falling foreign exchange reserves, which significantly weakened confidence in the currency. As access to dollars became increasingly limited, businesses and households turned to the parallel market, where the boliviano lost substantial value against the U.S. dollar. Persistent economic imbalances and concerns about the government's ability to maintain the exchange rate further accelerated the currency's decline, contributing to one of the most dramatic depreciations in Bolivia's recent history.

If currency movements are raising questions for your global mobility team, AIRINC can help you understand what they may mean for your program. Contact us to learn how our data and expertise can support your global compensation and mobility strategy.

Back-to-Basics COLA and Exchange Rate Webinar

At AIRINC, we hear many of the same questions from mobility teams and their assignees: “Why has my COLA gone down?” “How is inflation affecting my allowance?” “What role do exchange rates play?” These are important questions and they deserve clear, data-driven answers.

Because we work every day with the data every day, we understand how challenging it can be to communicate these changes with confidence. That’s exactly why we record all our Back-to-Basics webinars for you to watch again. Our goal is to demystify the mechanics behind COLA, explain how economic trends shape allowances, and give mobility professionals the knowledge they need to support their assignees.

Watch again here